Day trade
Trade view / 05 August 2016 at 5:51 GMT

EURGBP: Positive sentiment to dominate

Partner at 3 C ANALYSIS / 3cAnalysis
United Kingdom
Instrument: EURGBP
Price target:
Market price:

The sequence of two down days ended aggressively yesterday. The Bank of England announcement was the catalyst for a renewal of sterling selling that took EURGBP back above the 13-day moving average with the strongest daily performance since Brexit. The scope of the move means intraday sentiment is again overbought but although an early reaction is expected, sentiment is positive.

Management and risk description

A move to .8509 means the stop can be raised to break even


Entry: Buy in .8480/5 area and any dip to .8456.

Stop: .8427 offered.

Target: .8509 and .8529.

Time horizon: Intraday, ends 1300 GMT.

Buyers return
Buyers Return
 Long term
Long Term
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 All charts from CQG

— Edited by Susan McDonald

Non-independent investment research disclaimer applies. Read more
Michael S. McKenna Michael S. McKenna
Hi Alan, curious as to the location of your stop. it is well below the flag pattern (currently breaking down) I see on the hourly chart.
AlanCollins AlanCollins
Hi Michael. The Marabuzo lines on both intraday and daily charts are vital. If anything I'd have like to give them breathing space. Sadly there's even less momentum that I thought ahead of NFP so unlikely to see the stop or much upside either.


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